#1GDEU INVESTOR PRESENTATION June 2023 *formerly, Nexters#2Disclaimer GDEU Forward-looking statements Certain statements this presentation may constitute "forward-looking statements" for purposes of the federal securities laws. Such statements are based on current expectations that are subject to risks and uncertainties. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The forward-looking statements contained in this press release are based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. Forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company's control) or other assumptions. You should carefully consider the risks and uncertainties described in the "Risk Factors" section of the Company's 2022 Annual Report on Form 20-F, filed by the Company on June 26, 2023, and other documents filed by the Company from time to time with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of the Company's assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward- looking statements, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws 2 Presentation of Non-IFRS Financial Measures In addition to the results provided in accordance with IFRS throughout this press release, the Company has provided the non-IFRS financial measure "Adjusted EBITDA" (the "Non-IFRS Financial Measure”). The Company defines Adjusted EBITDA as the total comprehensive income/(loss) as presented in the Company's financial statements in accordance with IFRS, adjusted to exclude (i) other comprehensive income/loss, (ii) goodwill and investments in equity accounted associates' impairment, (iii) loss on disposal of subsidiaries, (iv) income tax expense, (v) net finance income/expense, (vi) change in fair value of share warrant obligations and other financial instruments, (vii) share of loss of equity-accounted associates, (viii) depreciation and amortization, (ix) share-based payments and (x) certain non-cash or other special items that we do not consider indicative of our ongoing operating performance. The Company uses this Non-IFRS Financial Measure for business planning purposes and in measuring its performance relative to that of its competitors. The Company believes that this Non-IFRS Financial Measure is a useful financial metric to assess its operating performance from period-to-period by excluding certain items that the Company believes are not representative of its core business. This Non-IFRS Financial Measure is not intended to replace, and should not be considered superior to, the presentation of the Company's financial results in accordance with IFRS. The use of the Non-IFRS Financial Measure terms may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures. Due to the rounding the numbers presented throughout this document may not precisely add up to the totals. The period-over-period percentage changes are based on the actual numbers and may therefore differ from the percentage changes if those would be calculated based on the rounded numbers The figures in this document are unaudited. Our audited consolidated financial statements for the year ended December 31, 2022, and the notes thereto, are included in our 2022 Annual Report on Form 20-F, filed with the Securities and Exchange Commission on June 26, 2023#3Key operating metrics used in the presentation GDEU In this presentation, we use a number of key operating and non-IFRS financial metrics which we believe accurately, in material aspects, reflect the principal parameters of our historic and projected performance. For further information, regarding our operating metrics, see our 2022 Annual Report on Form 20-F filed with the SEC. Operating metrics Monthly Paying Users (MPUs) are the number of individuals who made a purchase of a virtual item at least once on a particular platform in the 30-day period ending with the measurement date Average Bookings Per Paying User (ABPPU) is the total Bookings attributable to in-game purchases in a given period, divided by the number of months in that period, divided by the average number of MPUS during the period Bookings are sales contracts generated from in-game purchases and sales of advertisement in a given period Non-IFRS measure Adjusted EBITDA. The Company defines Adjusted EBITDA as the net income/loss as presented in the Company's financial statements in accordance with IFRS, adjusted to exclude (i) other comprehensive income/loss, (ii) goodwill and investments in equity accounted associates' impairment, (iii) loss on disposal of subsidiaries, (iv) income tax expense, (v) net finance income/expense, (vi) change in fair value of share warrant obligations and other financial instruments, (vii) share of loss of equity-accounted associates, (viii) depreciation and amortization, (ix) share-based payments and (x) certain non-cash or other special items that we do not consider indicative of our ongoing operating performance. Adjusted EBITDA is a non-IFRS financial measure and should not be construed as an alternative to net income/loss as an indicator of operating performance as determined in accordance with IFRS. 3#4GDEV is a gaming and entertainment powerhouse... Family of six game studios nexters ROYAL ARK AME GEARS USA 33% CUBIC GAMES RJ GAMES Asia Games portfolio of both established and promising franchises in popular genres 26% HERO WARS ISLAND QUESTAWAY Blockbuster mid-core multi-platform RPG Farming simulation game with puzzles Diversification across geo and platforms Key regions split² Pixel style mobile PIXEL GUN ZD first-person shooter Europe 21% Source: Company information 1) data.ai (FY 2022 data), excluding hypercasual games; 2) Company information (FY 2022) #1 grossing genre¹ Mobile 63% #1 installs genre¹ #1 time spent genre¹ Platforms split² PC 37% Revenue, $m 261 2020 6 Strong results in 2022² 2020 +84% Monthly active users, mn 480 +36% 2022 2022 Adj. EBITDA, $m 1 2020 GDEU 284 2020 >100% Monthly paying users, '000 98 +18% 2022 335 2022#5...with top industry capabilities On mobile market since its inception Founder led, backed by diverse Board LO 5 Making games since 2010 Strong leadership and corporate governance Top performance marketing expertise P Creating popular ads with hundreds millions of impressions 11111 Diversified studio portfolio Top game product expertise 11316 Covering various genres, player types and platforms Know how to engage and monetize players for many years Built great game franchise GDEU HERO WARS Created billion $ game franchise Hero Wars Experience in platforms expansion Multiple cases of successful expansion of our games on new platforms#6On mobile market since its inception -THRONE. ISLAND EXPERIMENT • Launch of the first two titles in social networks 6 • Throne Rush became game of the year on Facebook¹ HERO WARS Launched Hero Wars on social Main team settled in Cyprus, cost- advantaged European gaming industry hub² 2016-17 playrix #3 mobile game developer globally • Bukhman brothers (founders of Playrix) became shareholders • Full focus on scaling in mobile • Launch of Hero Wars Web 2018 2010-15 Source: Company information (FY 2022) 1) Facebook's Staff Favourite Games; 2) Currently, the Group has offices in Cyprus, Armenia and Kazakhstan Breakthrough thanks to success with non- core gameplay ads creatives • ~4x bookings growth YoY 2019 Significant growth of financial results • Expanded teams with joining of strong specialists Started preparing for IPO 2020 ISLAND QUESTARIA N Nasdaq • IPO on Nasdaq • Further strong financial growth • Launched Island Questaway - new high potential title Launched in-house R&D center - Dragon Machine 2021 GDEU Indicative revenue dynamic CUBIC GAMES RJ GAMES ROYAL ARK AME GEARS Record high annual revenues Made 3 deals with acquiring and investing into both established and promising studios • Improved corporate governance by increasing the share of independent directors 2022#7Founder led, backed by diverse Board Board of Directors Natasha Braginsky Mounier 7 Chairperson, Independent Director ● . Global Business • Finance in ESG D CAPITAL GROUP aradei J.P. Morgan Andrey Fadeev Executive Director WAT nexters in • Game Industry • Business Growth • Strategy Directors status matrix Independent Executive Source: Company information (FY 2022) Non-Executive Igor Bukhman Board of Directors Outlook O Non-Executive Director • Game Industry • Business Growth • Strategy playrix in 1 1 Andrew Sheppard Independent Director in Areas of Responsibility • Game Industry • Investments • Integrations Professional experience GREE Transcend. K KABAM Marie Holive Independent Director • Entertainment & Media • Audit Media Global Business Management General Electric COMCAST NBCUNIVERSAL Board expertise matrix Game Industry Finance in London Business School Consumer Goods Tal Shoham Independent Director in • Investments/M&A Game Industry • Marketing 40% -supersonic is ironSource HUUUGE 60% Olga Loskutova Independent Director Consumer Goods . Global Business & General Management • Product Development & Brand Management Nestlē in Whirlpool Female SAB MILLER Board gender matrix Male Management GDEU Andrey Fadeev Chief Executive Officer Alexander Karavaev Chief Financial Officer Anton Reinhold Chief Operating Officer Yulia Dementieva General Counsel Andrey Kuznetsov Chief Investment Officer Roman Safiyulin Chief Corporate Development Officer Diverse BoD strengthens GDEV's corporate governance#8Consolidated studios Studios with minority stake Diversified studio portfolio nexters Multi-platform flagship game studio created hugely successful blockbuster RPG Hero Wars Key title(s) Platform Mobile PC ISLAND HEROWARS QUESTAWAY Mobile Team battle RPG ROYAL ARK Game studio focused on exciting storyline and high- quality gameplay. Major title - Dawn of Zombies Platform Key title(s) Farming simulation Source: Company information (FY 2022) D.O.Z. SURVIVAL Post-apocalypse survival RPG I I CUBICGAMES Long-standing mobile games studio operating flagship title-popular mobile shooter Pixel Gun 3D Key title(s) Platform Mobile Platform CAME GEARS Mobile PINEL GUN ED Game studio creating both hybrid-casual and mid-core mobile games First-person shooter Key title(s) 0 Developing mobile project(s) 1 I I I I I I I I 1 I In-house R&D studio currently working on multi- platform game project 000 Platform 800 PC ! Mobile GDEU Console Key title(s) Developing PC/ Console project RJ GAMES Long-standing mobile games studio developing promising puzzle RPG game - Puzzle Breakers Platform Key title(s) PUZZLE BREAKER Puzzle RPG#9Building great games franchises - key titles 9 HERO WARS by nexters Blockbuster mid-core multi-platform RPG Allows players to fight epic multiplayer PvP battles, collect heroes and communicate 2016 launched ~6m 2023 MAUT mobile/web men 25+ target audience >150m cumulative installs² Key markets Source: Company information (FY 2022) 1) January-May 2023 average; 2) As of May 2023 ISLAND QUESTAWAY by nexters Farming simulation game with puzzles Fresh and unique gameplay through farming with engaging storyline and variety of puzzles 2021 launched ~1m 2023 MAUT mobile/web women 25+ target audience >8m cumulative installs² Key markets PINEL GUN ED by CUBICGAMES Pixel style mobile first- person shooter Thrilling array of game modes, impressive arsenal of over 1,000 unique weapons, 100+ maps 2013 launched GDEU ~4m 2023 MAU¹ 00 iOS/Android under 25 target audience >180m cumulative installs² Key markets O#10GDEV focuses on growth of its diversified franchises and studios portfolio Product Expertise both in casual and core genres • Ability to engage/ monetize players for many years Rich pipeline of game events ● ● ● Platforms Experience of successful expanding into new platforms (e.g., mobile and web) ● Engaging social mechanics Tailored approach for each player 10 Wide players TAM and access to ads through various channels on available platforms Source: Company information (FY 2022) CAME GEARS CUBICGAMES Consolidated studios nexters Product Franchises GDEU Platforms Marketing ROYAL ARK Studios with minority stake RJ GAMES Franchises Cultivating titles from small to big - built-up billion $ game franchise Hero Wars ● ● ● Marketing Industry leading performance UA Multiple channels and platforms Data-driven decision making Capturing a large audience Large set of 1st party data Effective ads creatives ● ● GDEU ● ● Covering key game genres - RPG, Shooters, Farming/ Puzzles Covering major mobile player profiles#11Our sustainability strategy 11 Our Sustainability Strategy outlines three pathways that reflect the varying levels of impact that GDEV has on different stakeholders: our employees, local, and the wider global communities To further guide our efforts, we've also identified four key areas of focus that align with our interactions with the world, and we've grouped our sustainability activities into these areas based on their impacts Source: Company information (FY 2022) THREE PATHWAYS APPROACH CORE LOCAL Meet ESG standards and requirements in IT industry Be responsible and giving back to the local communities GLOBAL Contribute to the gamings' positive impact on the world IN FOUR FOCUS AREAS + Our Team Communities Our Players Environment GDEU Commitment to become net zero by 2030 Plan to implement emission compensation practice Waste and energy saving agenda in all offices Adopted Inclusion and Diversity Policy SASB disclosure implemented Promote positive agenda through games#12Key financial highlights (1/2) $m Revenue 12 434 2,021 +11% Source: Company information (FY 2022) 480 2,022 $m Total comprehensive Income/ Loss -117 2021 >100% 11 2022 $m Adjusted EBITDA 8 2021 >100% 98 2022 GDEU#13Key financial highlights (2/2) $m Selling and Marketing Expenses 13 270 2021 -43% Source: Company information (FY 2022) 153 2022 $m G&A Expenses 23 2021 +57% 36 2022 $m Total Costs and Expenses, excl. D&A 555 2021 -18% 454 GDEU 2022#14Key operating highlights $m Bookings 562 14 (¹) (2) 2021 -20% 449 2022 '000 users Monthly Paying Users (¹) 362 2021 -8% 335 2022 Source: Company information (FY 2022) The Company defines Monthly Paying Users, or MPUS, as the number of individuals who made a purchase of a virtual item at least once on a particular platform in the 30-day period ending with the measurement date; Quarterly MPU is the average of MPUs for each month for the respective quarter $/month Average Bookings Per Paying User (2) 123 2021 The Company defines Average Bookings Per Paying User, or ABPPU, as its total Bookings attributable to in-game purchases in a given period, divided by the number of months in that period, divided by the average number of MPUS during the period -13% 107 GDEU 2022#15GDEU Appendix#16Balance Sheet ($ in thousands) Assets Non-current assets Property and equipment Intangible assets Goodwill Long-term deferred platform commission fees Right-of-use assets Deferred tax asset Other non-current assets Other non-current investments Loans receivable - non-current Total non-current assets Current assets Indemnification asset Trade and other receivables Loans receivable Other investments Cash and cash equivalents Prepaid tax Total current assets TOTAL ASSETS Liabilities and shareholders' equity Equity Share capital Other reserves Accumulated deficit Equity attributable to equity holders of the Company Non-controlling interest Total equity Non-current liabilities Lease liabilities - non-current Long-term deferred revenue Share warrant obligations Put option liabilities Other non-current liabilities Total non-current liabilities Current liabilities Lease liabilities - current Trade and other payables Provisions for non-income tax risks Tax liability Deferred revenue Total current liabilities TOTAL LIABILITIES TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 16 Source: Company information (FY 2022) Dec 31, 2022 786 12,977 1,836 94,682 1,462 108 107 17,903 3,317 133,178 2,512 45,372 517 50,365 86,774 3,326 188,866 322,044 171,418 (320,194) (148,776) (148,776) 444 96,887 13,035 27,475 577 138,418 743 30,521 1,336 4,250 295,552 332,402 470,820 322,044 Dec 31, 2021 1,352 266 1,501 116,533 2,050 25 107 121,834 45,087 123 142,802 3,137 191,149 312,983 166,405 (327,497) (161,092) 44 (161,048) 1,103 128,074 22,029 151,206 831 26,573 814 294,607 322,825 474,031 312,983 GDEU#17Profit and Loss Statement ($ in thousands) Revenue Costs and expenses, excluding depreciation and amortization Cost of revenue: Platform commissions Game operation cost Selling and marketing expenses General and administrative expenses Goodwill and investments in equity accounted associates impairment Other operating income Share listing expense Impairment loss on trade receivables and loans receivable Total costs and expenses, excluding depreciation and amortization Depreciation and amortization Profit/ (loss) from operations Finance income/ (expense), net Change in fair value of share warrant obligations and other financial instruments Share of loss of equity-accounted associates Profit/(loss) before income tax Income tax expense Profit/(loss) for the period from continuing operations, net of tax Attributable to equity holders of the Company Attributable to non-controlling interest Other comprehensive income/(loss) Total comprehensive income/(loss) for the period, net of tax Attributable to equity holders of the Company Attributable to non-controlling interest Earnings/(loss) per share: Basic and diluted earnings/(loss) per share, US$(¹) דיר Source: Company information (FY 2022) (1) Based on a weighted average number of ordinary shares for basic and diluted earnings per share of 20,000 4Q 2022 98,893 (24,954) (13,223) (40,383) (8,047) (62,828) 865 (24,207) (172,777) (1,542) (75,426) 1,811 281 (4,276) (77,610) 651 (76,959) (76,959) 1,030 (75,929) (75,929) O (0.39) 4Q 2021 122,584 (32,522) (5,948) (50,911) (9,379) 43 (102) (98,819) (827) 22,938 (1,047) (3,557) 18,333 (282) 18,051 18,040 11 403 18,454 18,443 11 0.09 FY 2022 479,688 (129,623) (44,036) (152,674) (36,119) (62,828) 1327 (29,987) (453,940) (6,901) 18,847 (323) 2,767 (10,121) 11,170 (3,760) 7,410 7,303 107 3,338 10,748 10,641 107 0.04 GDEU FY 2021 434,094 (117,229) (18,945) (270,065) (23,031) (125,438) (102) (554,810) (2,540) (123,256) (3,141) 10,080 (116,317) (1,127) (117,444) (117,455) 11 11 (117,433) (117,444) 11 (0.64)#18Cash Flow Statement ($ in thousands) Operating activities Profit/(loss) for the period, net of tax Adjustments for: Depreciation and amortization Share-based payments expense Goodwill and investment impairment Gain on acquisition Share of loss of equity-accounted associates Expected credit losses Property and equipment write-off Impairment of intangible assets Change in fair value of share warrant obligations and other fin. instr. Unwinding of discount on the put option liability Transaction costs Loss on sale of disposal group Dividend on ETFs accrued Trade receivables write-off Foreign exchange loss/(gain) Interest income Lease modification gain Interest expense Income tax expense Changes in working capital: Decrease/(increase) in deferred platform commissions (Decrease)/increase in deferred revenue (Increase)/decrease in trade and other receivables (Decrease)/increase in trade and other payables Income tax (paid)/received Interest paid Net cash flows generated from/(used in) operating activities Investing activities Acquisition of intangible assets Acquisition of property and equipment Acquisition of subsidiary net of cash acquired Proceeds from repayment of loans Investments in equity accounted associates Loans granted Acquisition of other investments Net cash flows used in investing activities Financing activities Payments of lease liabilities Proceeds from loans receivable Interest on lease Repayment of borrowings Dividends paid and distribution to shareholders Proceeds from borrowings Interest paid Cash acquired in the Transaction Net cash flows used in financing activities Net (decrease)/increase in cash and cash equivalents for the period Cash and cash equivalents at the beginning of the period Effect of changes in exchange rates on cash held Cash and cash equivalents at the end of the period Source: Company information (FY 2022) FY 2022 7,410 6,901 3,751 62,828 O 10,121 29,987 454 547 (2,767) 366 104 4,969 (231) 81 1,020 (1,639) (11) 116 3,760 127,767 21,851 (30,242) (4,498) 2,282 (10,607) (1,078) O 116,082 (64) (994) (54,113) 746 (17,970) (31,659) (67,729) (171,783) (2,013) 224 (115) O O O O O (1,904) (57,605) 142,802 1,577 86,774 FY 2021 (117,444) 2,540 129,199 O (79) O 102 O O (10,080) 0 000 O 2,809 0 O 91 1,127 8,265 (26,946) 127,899 (12,682) 9,600 97,871 (617) 7 105,526 (338) (1,099) (1,159) 00 (123) 0 (2,719) (2,132) O (90) (49) (160,366) 0 O 119,659 (42,978) 59,829 84,557 (1,584) 142,802 Q4 2022 (76,959) 1,542 744 62,828 O 4,276 24,119 52 55 (281) 194 104 O (231) 81 (1,318) (768) 16 14 (649) 13,819 1,739 3,198 (8,821) 11,842 7,958 (445) O 21,332 27 (154) (1) 439 O (170) (67,729) (67,588) (113) 224 (13) O O (374) O O (276) (46,532) 131,526 1,780 86,774 GDEU Q4 2021 18,055 827 2,850 0 (79) 0 102 Co O 3,557 O O O O O 988 O O 37 282 26,619 (3,349) 21,187 2,579 (2,880) 17,537 (482) 7 43,681 (193) (389) 81 (290) O 159 0 (632) (765) 0 (36) O (4,682) O O O 0 (5,483) 37,564 105,453 (216) 142,802#19Reconciliation of the net income/loss to the Adjusted EBITDA (US$ million) Total comprehensive income/(loss) for the year, net of tax Add back: Other comprehensive (income)/loss Goodwill and investment impairment Loss on disposal of subsidiaries Tax expense Finance (income)/expense, net Change in fair value of share warrant obligations and other financial instruments Share of loss of equity-accounted associates Listing expense D&A Share based payments Impairment of intangible assets Adjusted EBITDA 19 Source: Company information (FY 2022) Q4 2022 (76) (1) 63 (0.7) (2) (0.3) 4 2 0.7 0.1 (10) Q4 2021 18 (0.4) 0.3 1 4 0.8 3 27 FY 2022 11 63 5 4 0.3 (3) 10 7 4 0.5 98 GDEU FY 2021 (117) O 1 3 (10) 125 3 4 T 8